Independent Technology & Equipment Lessor • Strategic Partners

Press Room

How Leasing Aligns Finance, Operations and Tech Needs for Your Firm

The top three concerns of chief legal officers, according to the Association of Corporate Counsel, relate to law firms’ cybersecurity abilities and governance over their data. Technology adoption, not surprisingly, has become a central strategy that firms leverage to meet client demands — but few people were likely to forecast just how large the legal tech market would become in such a short period of time. Legal tech investment reached $1 billion in 2018, as reported by AI legal tech startup, LawGeex.

Despite this investment in technology, the actual adoption of it hasn’t been easy, let alone a cure-all. In this way, legal is no different than any other vertical — selecting and owning a technology are very different from its successful implementation and adoption to improve operations. That’s why we see ILTA’s 2018 Technology Survey listed cybersecurity and technology updates as the second and third most recurrent concerns for firms.

As technology continues to become an imperative function for firms, security concerns increase and data protection is essential. In the past three years, data breaches have become commonplace, and firms have had to up their games to protect client data.

We have seen major global players like DLA Piper become a victim of a cyberattack that led to a complete shutdown of its digital operations. Firms are making drastic changes to ensure they are secure; this requires an operational transformation as well as a financial plan. For many firms, the move to the cloud allows for increased security and reduced liability. According to the 2018 Enterprise Cloud Trends Report, organizations — including law firms — are investing more in the cloud, with nearly every organization planning to increase enterprise spend in the areas of cloud and Software as a Service (SaaS) over the short- and long-term.

Is Leasing Right For Your Firm? 

The changing landscape demands maximum flexibility and requires applying your resources in a smart and efficient manner. New tools, products and solutions are developed every day, creating a marketplace cluttered with options that cater to every business need.

Leasing delivers that agility. Equipment leasing and financing is a strategic solution law firms can take advantage of to face the intricate challenges of technology and embrace the countless opportunities and security benefits it offers.

To learn more, read Scott McFetters’ latest article in Legal Management Magazine, click here. To download a PDF of the full article, click here.

ILTA Webinar: “What Financial Approach Optimizes IT Strategy?”

Law firm margins were up at the end of 2018. In fact, it was one of the most profitable years on record since the recession. This is great news for law firms’ investment strategies – which includes technology. What financial approach optimizes IT strategy?

Increasing cyber security and business development technology needs, mobile lawyering and the consumerization of attorney tech needs all must be met to be competitive. Join us on Monday, March 4th for our ILTA-sponsored webinar:

“What Financial Approach Optimizes IT Strategy?”
Time: 12:00 pm ET
Register here.

Barry Steel, Sr. Vice President of Sales and Marketing at CoreTech Leasing, will discuss financing and leasing best practice solutions that allow IT to optimize these selections by:

–  Adding an additional layer of security through asset tracking
–  Provide flexibility to replace/upgrade equipment such as desktops and laptops at the pace required for today’s business needs, while avoiding typing up capital in a depreciating asset
–  Finance 100% of software needs, including data conversion, implementation and training
–  Preserve cash flow for other strategic needs and spreads out partner contributions
–  Accelerate decision cycles and streamline operations

CoreTech Welcomes Candace J. Reinhart as Sr. Vice President of Operations and Syndications

CoreTech Welcomes Candace J. Reinhart as Sr. Vice President of Operations and Syndications

Newport Beach, CA – January 24, 2019 – Independent technology and equipment lessor CoreTech Leasing Inc., is  pleased to welcome Candace J. Reinhart to their executive leadership team as Sr. Vice President of Operations and Syndications. A certified CLFP and highly regarded Board Member of the ELFA (Equipment Leasing and Finance Association) where she sat on the Technology Committee, Candace brings proven leadership, formidable experience in operational workflow management, and a passion for the leasing industry. Candace will lead CoreTech’s growth through top-of-the-line operational counsel across diverse and complex projects, monitor risk, and bring substantially enhanced value to all aspects of CoreTech’s bank, client and vendor relationships.

In a dynamic and highly competitive business environment, a robust equipment financing industry, currently valued over $1 trillion, is enabling organizations within and outside the US to remain competitive. Candace earned her Certified Lease and Finance Professional (CLFP) designation—the preeminent credential for equipment leasing and financing professionals throughout the world—in 2016 and has been a member of the Equipment Lease and Finance Association committee for Operations and Technology for the past three years. As a result, Candace brings superior knowledge of the equipment lease and finance product and a wide network of top industry professionals to CoreTech.

Candace began her leasing career with Saddleback Financial Corporation in 1996 and was most recently with First National Capital Corporation as VP of Operations. She has utilized the last two decades to become expert in each seat along the workflow spectrum with some of the top-rated independents in the industry. She has expertly handled a wide range of transaction sizes.  Harnessing Candace’s expertise in handling complex transactions through syndications and operations as well as her proven track record of improving business processes and operational efficiencies will allow CoreTech to maintain its leadership across all segments of this growing industry.

Scott McFetters, President of CoreTech Leasing, remarked, “We are proud to welcome a professional of Candace’s caliber and expertise to the team and look forward to her abilities to drive client value and help lead our business from strength to strength.  Candace’s extensive and thorough know-how of the equipment financing industry as well as her hands-on approach to adding efficiencies while maintaining scale are exceptional and we look forward to working with her.”

Candace added, “This is a truly exciting time to be joining the CoreTech team.  The company’s passion for building long term relationships, leading education and best practices, and being true partners with clients is a business ethic I am thrilled to be a part of.  This in addition to their financing expertise and ability to custom design solutions that best address client needs makes CoreTech a growing and formidable player in the industry.”

To download the press release, click here.

 

The Strategy of What You Don’t Invest In

This article was featured in the December 2018 edition of Law Journal Newsletters.

By Scott McFetters

Ever since the financial crisis of 2008, law has become an unbelievably competitive business. Further, if you’re operating a law firm, you know that one of the few levers you can move to make your firm more competitive is the one labeled “technology.” However, advanced technology isn’t free. Outfitting your team with equipment that will move the needle can require an impossibly large capital outlay. The solution may not be, therefore, to purchase all that gear. It may be to lease or finance it. Leasing your technology can be a strategic decision, and a key to succeeding in an incredibly competitive market.

If you put some data behind the “competitive” adjective, even a few minutes’ research will clarify just what “difficult” means to law firms. Demand is not increasing. Rates are under pressure. And more and more hungry, motivated competitors are out there, gunning for your clients. According to a 2017 Altman Weil survey of law firms:

95% of law firm leaders think price competition is a permanent feature of the legal marketplace.

67% are losing business to in-house legal departments.

67% plan on having fewer equity partners in the future.

The introduction to the 2018 Report on the State of the Legal Market issued by the Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Legal Executive Institute puts it like this:

Flat demand for law firm services, declining profit margins, weakening collections, falling productivity, and loss of market share to alternative legal service providers and others, are gradually undermining the foundations of firm profitability. For example, the annual declines in productivity since 2007 may not have been sufficient to trigger alarm in any given year. But the average lawyer is now billing 156 fewer hours than they did eleven years ago. At current average rates, this is costing firms an average of $74,100 in lost revenues per lawyer each year.

The usual tricks that have historically been up the sleeve of law firms seeking growth are no longer available. You can work your lawyers only so hard, in particular associates who are Millennials. You can’t keep automatically raising rates if you want to keep your clients. You can, and should, do a better job of business development, but in a market with flat (or even decreasing) demand, that only goes so far.

To learn more, read Scott McFetters’ latest article in Law Journal Newsletter, click here. To download a PDF of the full article, click here.

Why Leasing Desktops and Laptops is a Particular Strategic Advantage for Today’s Law Firms

This article was featured in the Q4 2018 edition of Thomson Reuters Elite’s Forefront newsletter.

As a long-term business partner of Thomson Reuters Elite, CoreTech Leasing has been working with many partner firms to help finance the software and all related costs for their upgrade to 3E®.  However, it’s important firms don’t leave hardware behind, including laptops and desktops. In the increasingly competitive business of law, tying up capital in a depreciating asset like computer hardware—desktops, laptops, tablets and servers—not only doesn’t make sense, but it’s a type of strategic negligence. Leasing is a much better option for a wide range of reasons, some of them surprising.

Today’s lawyers practice in a dynamic and pressurized business environment. The ability to quickly adjust your firm’s operations in response to changes isn’t just a good idea. It can make the difference between hitting your targets and missing them. More specifically, it can make the difference between, say, accepting a great case that includes some contingencies and passing on it because your firm can’t afford the risk. Or it can have you decided not to pursue a major new client because you can’t afford to staff it. Leasing your firm’s technology can make the unaffordable affordable and provide firm leadership with the flexibility to meet the ever-changing industry demands.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

CoreTech Leasing Welcomes New Sales Leader, Barry Steel, Sr. VP of Sales

Newport Beach, CA – August 1, 2018 – Independent technology and equipment lessor, CoreTech Leasing, Inc., today announces the addition of Barry Steel to their leadership team.  Mr. Steel has joined the CoreTech team as Sr. Vice President of Sales. An exceptional leader with an impressive record of achievement in multiple, highly competitive markets for over 25+ years, Barry is known for his abilities to build strategic alliances that position organizations for long-term profitability, productivity and performance.   Barry will lead the CoreTech sales and marketing initiatives as the company continues to experience exceptional growth into multiple industry markets including:  legal, manufacturing, medical, semiconductor, and education.

As changes in technology and equipment assets and organizational needs continue to accelerate at exponential rates, more organizations across markets are leveraging leasing and financing strategies to better compete—and being an independent leasing company allows for more flexibility.  According to the ELFA, equipment and software investment continues to expand and new business volume continue to expand at a healthy pace, and this trend is expected to maintain solid momentum throughout 2018, according to the ELFA.

Barry was most recently President of Capital Fleet Solutions which consulted with several commercial banks in the automotive dealer space and included a total portfolio of 500,000 vehicles.  Prior to Capital Fleet Solutions, Barry was the Senior VP of Global and Strategic Accounts for Donlen Corporation where he designed and executed strong strategic visions that resulted in being acquired by Hertz Corporation for a record valuation.  Barry also served as VP of SalesForce Development for GE Capital Fleet Services for nearly a decade where he developed programs to track sales, customer satisfaction, and coordinated pricing across the business.

Scott McFetters, President of CoreTech Leasing, remarked, “We are exceptionally pleased to have someone of Barry’s caliber join our team and help lead our growth in the right direction that both builds our relationships in the market and strengthens our sales team’s abilities to deliver top tier service and solutions.  We look forward to Barry’s experienced leadership, integrity and expertise and welcome him to the team.”

Barry added, “If you like owning, you will love leasing.  Leasing can provide organizations all of the flexibility of ownership, and the financial benefits of leasing. The people at CoreTech are what makes them a preferred partner with their customers.  Scott has built an exceptional organization at CoreTech which is demonstrated by CoreTech’s stellar industry reputation.  I am honored to be joining the team as leader of exceptional people and will look forward to taking the team—and the company–to the top.”

To download the press release, click here.

Install Now, Pay Later

Does your institution need to make capital purchases today but are waiting for the budget dollars of your new fiscal year?

We have a solution! Let us introduce you to CoreTech’s cash-flow friendly leasing and financing option.

We pay the vendors on your behalf and you install the equipment at your own pace, with payments not due until your next fiscal year. You remain completely in control and manage the vendor engagement.

What are the benefits of leasing and financing equipment?

– Lease-financing increases your cash flow

– Flexible structures that allow your institution to remain nimble

– Predictable costs mean fewer surprises

– Combine multiple vendors into a single low monthly or quarterly payment

– Keep your technology current with a lifecycle management program

– Customized structures to fit your specific requirements

– 100% financing can include installation, maintenance and software costs

Ready for more information?

If you’re ready to learn more click here or contact Adam Laughlin directly at (949) 679-2596 or alaughlin@coretechleasing.com to set up a convenient time to discuss your institution’s leasing and financing options.

Cash Management and Upgrading to 3E

This article was featured in the Q1 2018 edition of Thomson Reuters Elite’s Forefront newsletter.

It’s now been 10 years since the economic crisis of 2008 and just under 10 years since the legal market saw the greatest dip in demand for services. The market has stabilized since then, but growth has remained flat. The recently released Thomson Reuters 2018 Report on the State of the Legal Market shows flat growth is expected to continue as well as longer billing/collection cycles and continued downward pressure on realization. And, to top things off, a small uptick in expenses is likely due to an increase in associates’ pay as well as more technology investments due to cyber security and competitive needs.

To say these are challenging conditions is an understatement, especially when it comes to managing cash flow while meeting all of the demands of the new market. Preserving cash flow is increasingly a reason we are seeing firms leverage financing to procure software, hardware, and equipment needs.

By converting large cash expenses into a predictable monthly expense, firms can extend the expenditure over a period of time that best suits the firm strategically.

To learn more, read Scott McFetters’ latest article in Thomson Reuters Elite’s Forefront here. To download a PDF of the full article, click here.

ILTA Webinar: “How Financing Helps You Manage State-of-the-Art IT Infrastructure”

Increasing cybersecurity and business development technology needs, along with rapid changes or upgrades to core IT infrastructure, and an increase in regulations, are driving IT budgets upwards.

Can leasing and financing help your firm stay compliant, cyber-current and competitive without breaking the bank? Join us on Tuesday, January 23rd for our ILTA-sponsored webinar:

“How Financing Helps You Manage State-of-the-Art IT Infrastructure”
Time: 12:00 pm ET
ILTA members: Free
Non-ILTA members: $75.00
Register here.

Mike Henderson, Regional Manager at CoreTech Leasing, reviews how leasing and financing helps firms:

  • –   Convert large cash expenditures to a monthly expense
  • –   Finance 100% of software need, including data conversion, implementation and training
  • –   Provide flexibility to seamlessly replace and upgrade equipment such as desktops and laptops at the pace
  •      required by today’s business needs
  • –   Insert asset tracking as a key component of security best practices
  • –   Preserve cash flow for other strategic needs and spread out partner contributions

We hope you can join us for this productive discussion.

Top 5 Tips to Prepare for the New Lease Accounting Rules

 

Copyright Equipment Leasing and Finance Association 2017. Reprinted with permission.